In the month of mourning, various initiatives of IDRA for insurance customers
The Insurance Development and Regulatory Authority (IDRA) has launched a month-long program on the occasion of the 46th martyrdom anniversary of Bangabandhu Sheikh Mujibur Rahman and National Mourning Day. Several initiatives have been taken to benefit the country’s life and non-life insurance customers.
These initiatives taken in the light of the guidelines of the Financial Institutions Department will be implemented through the country’s life and non-life insurance companies. The regulator IDRA sent a letter to insurance companies on Monday (August 2nd).
These programs include making arrangements for early payment of death claims by all life insurance companies and claims made by all non-life insurance companies as soon as possible during the month of mourning.
In case of reinstatement of life insurance company’s statutory policies, reinstatement of the statutory policy by waiving the delay fee and facilitating other requirements.
In the month of mourning, the life insurance company’s overdue claim should be paid on the next working day, in which case, without waiting for the customer’s application, contact the insurance customer with the list of expired policies from the insurance company’s database and arrange for payment of the insurance claim online.
In non-life insurance companies, the insurance policies which are due to expire in August 2021 (except for the insurance policies which cover reinsurance risk) to provide the benefits of the insurance policy till next month without premium.
Extension of grace period for all life insurance policies which have expired between 1st August 2021 to 30th August 2021 for another 45 days. At that time the insurance risk will be covered under the policies and the policies will be considered as ongoing.
The health insurance policies (health insurance, mediclaim insurance, hospitalization insurance, etc.) already issued by life and non-life insurance companies due to the Covid-19 infection will be sued for the death of Covid-19 as well as the hospitalization caused by Covid-19.
Sunbd/NJ
